A three-day-remand order was issued on Friday against a 59-year-old man arrested the previous day suspected of financial fraud in Russia.
Interpol Moscow informed Cyprus in November 2012 that the 59-year-old man was wanted by Russian authorities.
He appeared before Paphos district court on Friday, which ordered he remain in custody until Monday.
The court will then decide whether the suspect will remain in custody for the entire period until extradition processes to Russia are completed.
The 59-year-old arrived at Paphos airport from Estonia on Thursday night. At passport control, police realised he was a wanted man, at which point he was arrested.
The 59-year-old allegedly registered a company, into a bank account of which he managed to transfer 57,630,000 Russian roubles (€668,000) in total from another company’s account. The fraud, according to the international warrant, was committed between January 1997 and June 2010 in Russia.